Opening a travel agency in Switzerland in 2026 means navigating a well-defined regulatory framework, securing adequate capital, and understanding the competitive landscape. Switzerland's tourism sector generated CHF 4.62 billion in Q1 2025, with the hospitality market projected to grow at 2.4% CAGR through 2029. This presents opportunities for investors who can differentiate through niche services and operational excellence. This guide provides a step-by-step roadmap for foreign investors and entrepreneurs planning to enter the Swiss travel market, covering legal structures, registration procedures, licensing requirements, startup costs, and market entry strategies. > "The Swiss travel market rewards precision and compliance. Investors who understand the regulatory requirements and position themselves in high-value niches—luxury, eco-tourism, or corporate travel—can build sustainable businesses despite the competitive environment." — Markus Pritzker, SwissFirma ## The Swiss tourism market: an investor's opportunity analysis for 2026 ### Switzerland's tourism industry in numbers: post-pandemic dynamics & key statistics Switzerland's tourism sector has demonstrated robust recovery and growth beyond pre-pandemic levels. In 2024, the country welcomed 33.6 million tourists, including 21.5 million international visitors, surpassing 2019 figures by 5%. Total overnight stays reached a record 42.83 million, a 2.6% increase from 2023, with foreign visitor stays hitting the highest level since 1972 at 22 million overnight stays. Tourist spending reached CHF 33.1 billion in 2024, a 3.6% increase from 2023, with tourism contributing approximately 3% of Switzerland's GDP (CHF 19-20 billion). The sector employs around 167,000 full-time jobs, representing about 4% of the workforce, with particularly strong employment in Alpine regions.

42.83M

Total Overnight Stays in 2024

+2.6% increase from 2023

~3%

Tourism's GDP Contribution

Approx. CHF 19-20 billion

Top 5

International Visitor Origins

1. Germany
2. United States
3. France
4. United Kingdom
5. Italy

Key statistics of the Swiss tourism market in 2024, showing growth in overnight stays and revenue contribution to GDP.

The data confirms strong post-pandemic recovery with growth in tourist numbers, spending, and economic contribution, according to the Swiss Federal Statistical Office and Switzerland Tourism reports for 2023-2025. ### The strong Swiss franc (CHF): a challenge and an opportunity The strong Swiss franc creates a dual impact on the tourism business. For inbound tourism, the franc's strength increases costs by approximately 20%, making Switzerland more expensive for foreign tourists and reducing demand from price-sensitive markets. This pricing pressure particularly affects visitors from countries with weaker currencies, requiring agencies to justify premium pricing through exceptional service quality and unique experiences. However, the strong franc enhances the purchasing power of Swiss residents, stimulating outbound tourism as Swiss travelers find foreign destinations relatively cheaper. This creates opportunities for agencies specializing in international travel packages for Swiss clients. Despite currency headwinds, Swiss tourism has shown resilience through niche market strategies and maintaining a strong price-quality balance, with stable or growing visitor numbers in premium segments. For travel agencies, this means carefully balancing inbound and outbound services, potentially focusing on high-value segments less sensitive to price fluctuations, and leveraging Switzerland's reputation for quality to justify premium positioning. ### Future growth engines: profitable niches & TravelTech The most profitable niches in Switzerland's tourism sector for 2025 include luxury ski resorts (Verbier, Zermatt, Davos), wellness and medical tourism centered around thermal spa resorts (Leukerbad, Bad Ragaz), and eco-tourism with sustainable travel experiences such as glamping in national parks. These segments show strong growth potential and higher margins compared to mass-market travel. TravelTech startups are driving digital transformation in the sector. Notable Swiss examples include platforms specializing in luxury travel booking, wellness tourism connections, and sustainable travel experiences. The sector benefits from a CHF 5.5 million Innosuisse-funded Resilient Tourism Project aimed at building national data infrastructure and digitally supported business models. Agencies that integrate advanced booking platforms, CRM systems with sustainability indicators, and data-driven customer engagement tools gain competitive advantages in efficiency and personalization. {{cta:cta-1}} ## Competitive landscape: key players in the Swiss travel agency market ### Major network agencies #### Hotelplan Group (Migros) Hotelplan Group, formerly part of Migros and acquired by DERTOUR Group in 2025, is Switzerland's largest tour operator with CHF 1.78 billion revenue in FY 2023/24. The group operates through multiple brands targeting both mass-market and premium segments: Hotelplan Suisse (flagship brand, CHF 224.8 million revenue), Migros Ferien, vtours (mass-market with strong growth), travelhouse, and tourisme pour tous (specialist brands for customized trips). Business travel units bta first travel and Finass Reisen focus on high-quality corporate services, generating CHF 15.7 million in 2023/24. The group's market position is strengthened by its focus on customized individual trips and adventure travel segments, with growth driven by premium offerings despite some restraint in lower-price family segments due to cost-of-living increases. The acquisition by DERTOUR Group provides access to international networks and long-term growth potential. #### Kuoni Tumlare (JTB Group) Kuoni Tumlare, part of the JTB Group since 2015, operates B2B and B2C travel services with specialist brands targeting upscale leisure travelers and corporate clients. The company benefits from significant growth post-acquisition, with investment attractiveness linked to DERTOUR's strong market position and brand portfolio. Kuoni specializes in tailor-made travel experiences and destination management, leveraging global networks for international reach. #### TUI Suisse TUI Suisse ranks among Switzerland's top three travel companies with a strong B2C focus on leisure travel. As part of the German-owned DERTOUR structure following Kuoni's acquisition, TUI maintains stable market presence but faces questions about long-term Swiss ownership sustainability due to modest EBIT margins. The company targets broad leisure markets with package tours and integrated travel services. ### Independent & niche leaders #### Globetrotter Travel Service Globetrotter Travel Service AG, based in Bern, operates a tailor-made travel business model with $17.6 million revenue and 89 employees as of 2024. The company specializes in personalized, expert-advised individual and expedition-style trips, targeting discerning travelers seeking customized, experiential journeys. Advisors spend up to 12 weeks annually traveling to provide authentic recommendations and curated routes, supporting specialization in individual and expedition tours. The service portfolio ranges from basic to luxury accommodations, emphasizing cultural immersion, adventure, and unique experiences beyond standard package tours. #### Other notable niche players The Swiss market includes several specialized agencies: ARATOURS SA (private transfers and tailor-made luxury travel with nearly 20 years of operation), OpenUp.travel (group tours, corporate travel, educational trips), Incotrade Swiss (MICE, health tourism, FIT reservations), and Swiss Travel Club (luxury hotel stays including legendary properties like Badrutt's Palace). Various agencies focus on alpine and cultural excursions in regions like Verbier, Zermatt, St. Moritz, and Montreux, catering to alpine sports and cultural tourism. ### Comparative analysis of key market players

Comparison of key market players in the Swiss travel agency sector
Company	Specialization/Business Model	Target Audience	Investment Attractiveness
Hotelplan Group	B2C/B2B tour operating, mass-market to premium	Leisure travelers, ski/hiking specialists	Strong under DERTOUR ownership, CHF 1.78B revenue, access to international networks
Kuoni Tumlare	B2B/B2C specialist travel, destination management	Upscale leisure, corporate clients	Growth-oriented, backed by JTB Group, strong brand portfolio
TUI Suisse	B2C leisure travel, package tours	Mass-market leisure travelers	Stable but modest margins, German ownership raises sustainability questions
Globetrotter Travel Service	B2C tailor-made, expedition travel	Discerning, experiential travelers	Fully Swiss-owned, niche focus, cautious outlook due to market consolidation
ARATOURS SA	Luxury private transfers, tailor-made	High-end clients	Nearly 20 years operation, exclusive fleet, luxury positioning

## The official process: how to register and launch your travel agency ### Choosing a legal structure for your travel company: sole trader vs. GmbH/AG Foreign investors can establish a travel agency in Switzerland without Swiss citizenship, but at least one director or authorized representative must be domiciled in Switzerland with a residence permit (B or C category). The choice of legal structure depends on scale, liability preferences, and capital availability. > "A GmbH requires CHF 20,000 fully paid; an AG requires CHF 100,000 with CHF 50,000 paid at registration." — Company Formation Switzerland, 2025 > "GmbH/AG must have at least one director domiciled in Switzerland with signatory authority." — NewCo.ch, 2025

Comparison of legal business structures in Switzerland
Parameter	Sole Proprietorship	GmbH (LLC)	AG (PLC)
Minimum share capital	None	CHF 20,000 (fully paid)	CHF 100,000 (CHF 50,000 paid-up)
Liability	Unlimited personal liability	Limited to company assets	Limited to share capital
Management requirements	Owner manages	At least one Swiss-resident director with signing authority	Board of directors with at least one Swiss-resident member
Registration process	Mandatory if turnover exceeds CHF 100,000	Mandatory with Commercial Register	Mandatory with Commercial Register
Taxation	Personal income tax (single taxation)	Corporate income tax + dividend tax (double taxation)	Corporate income tax + dividend tax (double taxation)
Suitability	Small-scale tourism businesses	Small to medium enterprises	Larger companies, investor privacy needs

Choosing a Legal Structure

Sole Proprietorship

For small-scale businesses

Liability: Unlimited personal
Capital: None required
Taxation: Single (personal income)

GmbH (LLC)

For SMEs & foreign investors

Liability: Limited to company assets
Capital: CHF 20,000
Taxation: Double (corporate + dividend)

AG (PLC)

For larger companies

Liability: Limited to share capital
Capital: CHF 100,000
Taxation: Double (corporate + dividend)

For most foreign investors planning a professional travel agency, GmbH offers the optimal balance of limited liability, manageable capital requirements, and operational flexibility. AG is preferred for larger ventures or those seeking shareholder anonymity and access to public capital markets. ### Step-by-step: how to register your travel business in the Swiss Commercial Register The registration process for a GmbH in Switzerland takes approximately 6-10 weeks from initial consultation to full operational status, significantly faster than the 3-6 months typical in many other jurisdictions.

Week 1

Consultation & Name Check

Weeks 2-3

Prepare Articles of Association

Week 4

Notarize & Deposit Capital

Weeks 5-6

Submit to Commercial Register

Weeks 7-8

Flowchart of the 5-step process to register a travel business in the Swiss Commercial Register.

Week 1: Consultation and document collection Free 20-minute consultation to determine optimal structure (GmbH or AG), name verification using online tools to confirm availability, and collection of founder documents (passports, proof of address, business plan). Weeks 2-3: Document preparation Preparation of Articles of Association (Statuten) defining company purpose, capital structure, and governance, legal review of all documents, and coordination with notary for signing appointment. Week 4: Notarization and capital deposit Notarial certification of founding documents (cost: CHF 700-2,000 depending on complexity), opening of escrow bank account, deposit of minimum share capital (CHF 20,000 for GmbH, fully paid), and bank issues certificate confirming capital deposit. > "Notary fees typically range CHF 700–2,000; the Commercial Register fee is CHF 600 for capital up to CHF 200,000." — Company Formation Switzerland, 2025 Weeks 5-6: Commercial Register submission Submission of notarized documents, registration application, proof of capital, and identity documents to cantonal Commercial Register. Registration fee: CHF 600 for capital up to CHF 200,000. Processing time: approximately 7-15 working days. Weeks 7-8: VAT and social insurance registration Registration with Federal Tax Administration for VAT (mandatory if turnover exceeds CHF 100,000; obligatory from day one for e-commerce), enrollment in social security and pension systems for employees, and receipt of UID number (Swiss Business Identification Number). > "VAT registration becomes mandatory once annual turnover exceeds CHF 100,000." — Company Formation Switzerland, 2024 Weeks 9-10: Finalization Confirmation of capital payment to notary, final registration in Commercial Register, delivery of all company documents to client, and setup of accounting and ongoing company management support. {{cta:cta-1}} ### Licensing, regulations, and insurance: ensuring full compliance Disclaimer: This information is for general guidance only and does not replace professional legal, tax, or regulatory advice. Consult qualified specialists before making business decisions. #### Main requirements and tourism regulations Switzerland does not impose a specific national license for travel agencies, but compliance with the Federal Act on Package Travel (SR 944.3) of 18 June 1993 is mandatory. This act regulates pre-arranged travel packages combining at least two services (transport, accommodation, or other significant tourism services) sold at an inclusive price lasting over 24 hours or including overnight stay. Key requirements include at least one trader responsible for all travel services, full information provision to travelers before contract conclusion, emergency contact details and rights to transfer or withdraw under specified conditions, compliance with consumer protection laws and data protection regulations (Swiss FADP and GDPR), mandatory registration with cantonal Trade Register, and at least one licensed travel agent employee or owner. > "At least one employee or the owner must hold a valid travel agent qualification." — Company Formation Switzerland, 2024 The Swiss tourism policy framework, updated in 2022, includes recovery programs, innovation funding through Innotour, and sustainability initiatives like the Swisstainable program launched in 2021. #### Licensing and accreditation: Swiss Travel Security & IATA Swiss Travel Security (STS) membership provides financial guarantees to safeguard customer deposits against travel agency insolvency. STS, established by STAR, provides a warranty guaranteeing customers full refund of payments and return travel if a member agency becomes insolvent. Each STS-insured agency displays a unique logo linked to verification details, serving as transparent assurance of financial security and agency credibility. The contribution to the STS guarantee fund is required for agencies selling package tours, with fees starting around CHF 5,000 depending on agency size and turnover. > "The Swiss Travel Security guarantee is not just a legal formality; it's the bedrock of customer trust in our market. Without it, no serious agency can operate, and clients know this. It's the first thing they check." — Swiss tourism law expert, 2024 IATA accreditation confirms compliance with global aviation standards and provides international recognition, enabling agencies to issue airline tickets and access global distribution systems. The accreditation process requires submission of detailed documentation (Articles of Incorporation, certified financial statements, registration certificates), completion of mandatory training courses (e.g., Air Cargo Introductory Course), payment of application and annual fees, provision of bank guarantee (typically CHF 6,000-10,000 initially), and appointment of at least one licensed travel agent. > "IATA accreditation requires documentation, applicable fees, training, and a financial security such as a bank guarantee." — IATA, 2024 The process is managed via the IATA Customer Portal. IATA accreditation enhances reputation and access to airline systems, while STS membership provides consumer trust through financial guarantees—both essential for legal and credible operation. #### Understanding mandatory insurance obligations Travel agencies in Switzerland must maintain several types of insurance to cover operational risks and protect clients. Professional indemnity insurance covers financial losses to clients due to errors, omissions, or breaches in service delivery, including incorrect bookings, faulty advice, or tour organization failures. This insurance is strongly recommended and often required by business partners and banks. Public liability insurance covers damage to third parties caused by agency operations, such as bodily injury or material damage arising from agency activities. This protects the business from claims and legal costs. Travel insurance for clients is obligatory for tourists entering Switzerland (minimum coverage of 30,000 euros for medical expenses, hospitalization, accidents, medical evacuation, and repatriation). Agencies typically arrange or require proof of such insurance for clients. > "Agencies should obtain appropriate business insurances and comply with data protection and social security obligations." — SECO licensing overview, 2024 Typical risks covered include medical expenses, booking errors, trip cancellations or delays, liability for injuries or damage to third parties, and legal costs. While Swiss law does not explicitly mandate professional and public liability insurance for travel agencies, European standards and business practice strongly recommend them for protection and credibility. ## Estimated startup costs to open a travel agency in Switzerland Opening a travel agency as a GmbH in Switzerland requires an initial investment of approximately CHF 23,000-30,000, with the largest component being the mandatory share capital. Understanding the full cost breakdown helps investors plan budgets and avoid surprises.

Estimated startup budget for a travel agency (GmbH) in Switzerland
Expense Category	Estimated Cost (CHF) for GmbH	Comment
Government and notarial fees	CHF 1,000-2,000	Notary fees vary by canton and complexity; registration fee CHF 600
Share capital (deposit)	CHF 20,000	Minimum for GmbH, fully paid and deposited in bank account, available for business use after incorporation
Swiss Travel Security fund contribution	CHF 5,000+	Mandatory for agencies selling package tours; exact fee depends on agency size and turnover
IATA license (if applicable)	CHF 6,000-10,000	Initial application and security deposit for international accreditation
Office rental (3 months deposit + first month)	CHF 6,000	Average monthly rent for small office space in Swiss cities is CHF 1,500-2,000
Website and CRM development	CHF 5,000-10,000	Depends on complexity and provider; essential for modern agency operations
Initial marketing budget	CHF 3,000-7,000	Digital marketing, print materials, launch events
Professional insurance	CHF 2,000-4,000	Annual premium for professional indemnity and public liability insurance

Total estimated initial costs range from CHF 48,000 to CHF 63,000, with CHF 20,000 of the share capital available for operational use after registration. Ongoing annual costs include accounting and compliance (CHF 5,000-15,000), insurance renewals, office rent, marketing, and staff salaries. For comparison, average profitability for new travel agencies in Switzerland in the first 2-3 years is approximately 15% net profit margin, with payback periods ranging from 12 to 25 months depending on niche focus and operational efficiency. The Swiss tourism market's stable growth (CAGR 5.4% projected through 2033) supports sustainable returns for well-positioned agencies. ## Setting up for success: operations and client acquisition ### Technology stack: booking systems, CRM, and B2B portals Modern Swiss travel agencies leverage advanced technology platforms to compete effectively. Key systems include booking platforms and CRM solutions. Booking platforms: Nezasa offers a cloud-based advanced booking platform for tailor-made travel packages, enabling tour operators to create and distribute personalized itineraries via B2B and B2C channels with integration to global package suppliers and interactive AR guidance. Sabre, a leading global GDS, has integrated NDC (New Distribution Capability) to allow Swiss agencies to shop and book airline content with richer, personalized offers, enhancing real-time availability and automated rebooking via AI-powered APIs. CRM and B2B portals: Swiss agencies use CRM systems incorporating sustainability indicators and API data providers like Travelhero, which rates destinations on sustainability and travel data, supporting sustainable travel inspiration and booking widgets. The market also leverages programmatic digital advertising and data-driven travel intent networks (e.g., Clear Channel Travel Network) to target premium travelers, indicating integration of CRM and marketing automation tools for customer engagement. Investing in robust technology infrastructure from the start reduces manual workload, improves customer experience, and enables data-driven decision-making critical for competitive positioning. ### Building your supplier network: hotels, airlines, and local operators Establishing a strong supplier network is fundamental to agency success. Best practices include prioritizing multilingual regional coverage, attending supplier events and FAM trips, partnering with sustainable tourism providers, and leveraging agent-to-agent networking. Prioritize multilingual regional coverage: Evaluate suppliers' technical qualifications and their ability to cover German, French, and Italian-speaking regions in Switzerland to ensure comprehensive market reach. Early market entry helps establish long-term relationships and competitive edge. Attend supplier events and FAM trips: Participate in tourism roadshows, webinars, and familiarization trips to build direct relationships with hotels, airlines, and local operators, understand new destinations, and align offerings with customer expectations. Partner with sustainable tourism providers: Collaborate with local businesses promoting sustainable tourism, such as eco-friendly hotels and transport providers, using digital marketing to highlight these partnerships and attract environmentally conscious travelers. Leverage agent-to-agent networking: Use social media groups and professional networks to exchange market insights and supplier contacts, enhancing access to diverse supplier options and travel trends. Building these relationships takes time but creates competitive moats through exclusive access, preferential rates, and reliable service delivery. ### Marketing your agency in the Swiss market (SEO, social media, networking) Effective promotion in Switzerland requires multilingual local SEO with region-specific content, optimized Google My Business profiles, targeted social media marketing, and professional networking aligned with Swiss market specifics and legal standards. Local SEO strategies: Technical site optimization (indexing, redirects, meta-tags, fast loading), multilingual content tailored to German, French, and Italian-speaking regions, Google My Business optimization for visibility in specific cantons and cities, local directory listings (Swiss Yellow Pages) to enhance trust and local presence, competitor and keyword analysis, semantic core expansion, content localization per region (e.g., Geneva, Basel), and compliance with Swiss data protection laws. Social media and reputation management: Integration of SMM to attract non-search traffic, active reputation management and user review responses, and emphasis on transparency, ecological responsibility, and financial sector relevance, aligning with Swiss consumer values. Professional networking: Participation in tourism fairs and local networks, partnerships with tourism boards and local businesses, and leveraging Switzerland's reputation for quality and safety in all communications. AI-driven SEO tools enable continuous micro-optimization by analyzing competitor positioning and user behavior patterns, accelerating campaign effectiveness without traditional delays. {{cta:cta-1}} ## Investment analysis: valuation, risks, and mitigation ### How to value a Swiss travel agency: a guide for investors Valuation of Swiss travel agencies for investors primarily uses EV/EBITDA and Price-to-Sales (P/S) multiples combined with qualitative factors. These financial metrics reflect enterprise value relative to earnings before interest, taxes, depreciation, and amortization, and sales revenue respectively, widely used in hospitality and tourism sectors. Quantitative factors: EV/EBITDA multiples typically range from 4x to 8x for established agencies, depending on growth trajectory and market position. P/S multiples vary from 0.5x to 2x based on profitability and scalability. Historical financial performance and cash flow stability, revenue growth rates, and customer acquisition costs also matter. Qualitative factors: Brand strength (market recognition, customer loyalty, and reputation significantly influence valuation premiums in Swiss tourism due to competitive luxury and mid-tier market segments), client base quality (customer retention rates, diversity, and purchasing power are critical for predicting future cash flows and stability), technology adoption (digital booking platforms, CRM systems, and data analytics capabilities enhance operational efficiency and customer experience, increasing company valuation), supplier contracts (exclusive agreements and preferential rates with hotels, airlines, and local operators), and regulatory compliance (full licensing, insurance, and STS membership reduce risk and enhance credibility). Swiss tourism market valuation also considers the regulatory and tax environment, including VAT and corporate tax rates (11.9%-21% depending on canton), which affect net profitability and thus valuation multiples. ### Key risks for a foreign investor and how to mitigate them Currency risk: Sharp Swiss franc appreciation against euro and dollar impacts tourism sector costs and revenues. The franc's strength makes Switzerland approximately 20% more expensive for foreign tourists, reducing demand from price-sensitive markets. Mitigation: Focus on high-value segments less sensitive to price fluctuations, hedge currency exposure through financial instruments, and balance inbound/outbound services. High operational costs: Switzerland's developed economy and high living standards drive up wages, rents, and service expenses. Mitigation: Careful budgeting, lean operations, automation of routine tasks, and premium pricing justified by exceptional service quality. Regulatory challenges: Strict visa requirements and compliance with Swiss regulations. Mitigation: Work with experienced legal advisors, maintain full compliance documentation, and stay updated on regulatory changes. Competitive pressure: Intense competition from large OTAs and established agencies. Mitigation: Differentiate through niche focus (luxury, eco-tourism, medical tourism), personalized service, and local expertise that large platforms cannot replicate. Economic slowdown: Switzerland's GDP growth slowed to 0.1% in Q2 2025, posing macroeconomic risk affecting tourism investment returns. Mitigation: Diversify service offerings, build financial reserves, and maintain flexible cost structures. > "While the Swiss market is mature, the real opportunity lies in consolidating smaller, niche agencies or investing in TravelTech that solves a specific problem for the high-end traveler. Standard OTAs can't compete on that level of personalization." — Investment analyst, Swiss tourism sector, 2024 Geopolitical factors: Sanctions and banking restrictions may affect certain investor nationalities, including difficulties opening bank accounts. Mitigation: Early engagement with banks, transparent documentation of fund sources, and consideration of alternative banking relationships. ## Ready to launch your Swiss travel business? Opening a travel agency in Switzerland offers access to a stable, high-value market with strong growth prospects in niche segments. Success requires careful planning, full regulatory compliance, adequate capitalization, and differentiation through specialized services or technology. SwissFirma provides end-to-end support for foreign investors, from company formation and residence permits to banking relationships and ongoing compliance.

How to start a travel agency in Switzerland: a 2026 investor's guide